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#CryptoCorner: JP Morgan Launches "JPM Coin", SEC Withdraws #Bitcoin #ETF Proposal, Baidu Launches Blockchain Engine

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Point Roberts, WA and Delta, BC - February 14, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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#CryptoCorner: JP Morgan Launches "JPM Coin", SEC Withdraws Bitcoin #ETF Proposal, #Baidu Launches #Blockchain Engine

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Crypto Corner

JP Morgan Launches "JPM Coin", SEC Withdraws Bitcoin ETF Proposal, Baidu Launches Blockchain Engine, EEA Opens Chinese Office and Indonesia Imposes Daunting Regulation On Crypto Space

Stocks discussed: (NYSE:JPM) (NasdaqGS:BIDU)

J. P. Morgan (NYSE:JPM) is launching a digital token known as the "JPM Coin", which will be used to settle payments between clients, according to a report from CNBC. The move comes as part of the bank's transition to blockchain technology from wire transfers. Umar Farooq, head of J. P. Morgan's blockchain projects, commented:

"So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction. The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this."

The U.S. Securities and Exchange Commission (SEC) has withdrawn a proposed ETF submitted by Reality Shares ETF Trust, according to an official letter. The ETF application was filed on February 11, 2019 and outlined in its Principal Investment Strategy "bitcoin futures contracts of various maturities listed for trading on U.S. exchanges that provide exposure to the price movements of bitcoin".

Chinese tech titan Baidu (NasdaqGS:BIDU) has launched the decentralized application (dApp) development system, Baidu Blockchain Engine, according to an announcement from Baidu Cloud. A loose translation of the announcement reads:

"The Baidu blockchain engine (BBE) uses the pluggable blockchain framework to provide developers with a complete multi-chain, middle-tier and various contract templates, dApp templates and other services to make the development of blockchain business systems faster and simpler."

Cointelegraph reports that Enterprise Ethereum Alliance (EEA) has opened a regional office in China. The EEA is a "member-driven standards organization whose charter is to develop open, blockchain specifications that drive harmonization and interoperability for businesses and consumers worldwide". The article reads:

Weijia Zhang, vice president of engineering at blockchain interoperability startup Wanchain, has been appointed as the head for the new regional office. Zhang will reportedly be responsible "for supporting the advancement and adoption of EEA's standards by taking part in local hackathons, workshops, training sessions, and conferences."

The Jakarta Post reports that Indonesia has issued additional regulations on the crypto space which impact the trading of cryptos and bitcoin futures. For futures, the new legislation requires a minimum deposit of $5.7 million, as well as a minimum paid-up capital of 100 billion rupiah ($7.13 million). And as for exchanges, a minimum capital of 1 trillion rupiah ($70.9 million) is required, with a minimum paid-up capital of 800 billion rupiah ($56.7 million). Reuters reports that crypto trader are concerned about the prohibitively high prices.

Sam Mowers, Investorideas

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